RENEE Cosmetics, a direct-to-consumer beauty firm, has raised $30 million in a Series C funding round headed by Playbook, with a further investment from Midas.

According to RENEE, the new capital values the company at $200 million, up 1.4 times over its $12 million extended Series B round in June last year. The corporation did not give additional information about the secondary sale.

RENEE Cosmetics has a portfolio of over 200 SKUs, and with this new funding, the company intends to increase its product line, scale its omnichannel presence in tier I and tier II cities, and invest more in technology and brand-building efforts.

Aashka Goradia Goble founded RENEE in conjunction with Beardo co-founders Priyank Shah and Ashutosh Valani. The company sells eye makeup, lip colours, face serums, and highlighters.  In addition to third-party e-commerce and fast commerce platforms, the brand is sold at over 15,000 outlets in India.

The company is developing globally, with beta internet presences in the United States, UAE, and Australia.

“This capital further gives us the firepower to scale our marketing engine, optimize consumer acquisition costs, and drive better conversion across both D2C and marketplace platforms. We’ve already achieved an annual revenue run rate (ARR) of Rs 500 crore and are confident of doubling this to Rs 1,000 crore in the next two years,” said Ashutosh Valani, Co-founder of RENEE Cosmetics.

According to TheKredible, RENEE has raised approximately $76 million from investors including Evolvence India, Edelweiss Group, Equanimity Ventures, and 100Unicorns.

Valani and Shah are Ahmedabad-based serial entrepreneurs who previously sold Beardo, a men’s grooming business, to Marico for Rs 350 crore in July 2020, and Villain, a perfume brand, to Mensa in October 2021.

RENEE Cosmetics’ operating revenue increased to Rs 191.65 crore in the fiscal year ending March 2024, up from Rs 97.15 crore in the fiscal year 23. During the year, their losses increased by 88.2%, reaching Rs 61.45 crore.

While the firm has yet to file its FY25 annual report, it claims to have expanded by nearly three times in the last 18 months, claiming strong consumer adoption, omnichannel expansion, and innovation-driven product introductions.

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